As a young adult, there is a sudden on-set of responsibilities that make their way into your life. Personal duties, along with the initial harrowing days of job-hunting and working make for a very busy schedule. Your future planning is another addition to this mix.
Consider this time to be the perfect opportunity for you to educate yourself about the various investment avenues and financial instruments that could help better your financial health. A health insurance plan is highly recommended and should feature as a priority on your to-do list. I found an interesting article on HDFC health website about family floater mediclaim policy comparison which is an important step while availing a health insurance policy.
Availing of a health insurance plan
With the rapid changes in lifestyle choices and the quality of nutrition and sleep, ailments and diseases are on the rise. Buying an individual mediclaim policy regardless of your employer-provided group policy is advisable.
The main reason is to protect oneself from paying an inflated bill to maintain good health, and reducing the risk of sacrificing any comforts. Investing at a young age also ensures a lower premium as you pose less risk than your older equivalents. The best health insurance plan is one that is flexible and meets all your requirements. An additional advantage is the tax benefit applicable under Section 80D of the Income Tax Act.
Family floater health insurance
A family floater health insurance plan not only covers the concerned individual, but also their parents, children, and spouse. It relieves you of the need to maintain separate policies for each member, and therefore proves to be very convenient.
The extent of coverage in a family floater plan is greater, and some policies also have separate provisions to cover your dependent siblings, parents, and the cover may even extend to your parents-in-law. The family variant covers the cost of your entire family’s medical check-ups along with hospitalization fees, ambulance cover, and doctor consultations. It is flexible in terms of the addition of new family members to the plan.
A dedicated policy has been devised to fulfill the financial requirements of those afflicted by cancer. Some costs covered by a cancer insurance policy include cost of diagnosis, treatment, hospitalization, and radiation therapy. There is a noticeable rise in the risk of breast cancer, in cancers of the mouth and lungs due to smoking, which make cancer plans a must. Constant exposure to the sun puts you at risk for various skin cancers. Being overweight, dependent on alcohol, and using devices that emit radiation also put you at a higher risk.
Most policies cover routine check-ups, and a premium waiver in situations like an early detection of cancer. Upon first-time diagnosis, a lumpsum amount is receivable by you. In case of major cancer treatment, a monthly pay-out may be provided by your insurance provider. Certain insurers may also offer discounts if your premium is above a certain level, and increase the sum assured in case of a no-claim year(s).
Personal Accident Cover
As a young adult, you are generally more prone to accidents and injuries.The likelihood of you encountering a road mishap is heightened. Therefore, it is prudent that you invest in a personal accident plan.
These plans have an extensive cover ranging from minor disabilities, temporary or permanent disabilities, to even death. A lumpsum amount is payable by the insurer, and may be used to cover medical expenses, income replacement, and rehabilitation facilities.
Although this phase is a period when you should have the most fun, it is also necessary to be prepared to meet any future setbacks. In order to find the best health insurance policy, conduct thorough research, speak to your family adviser, and invest wisely.